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#MNRG MetalNRG PLC – Further Litigation Update
MetalNRG plc (“the Company”) announces that further to the High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the “Defendants”), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the “Payment Deadline”).
The Company has this morning received the second payment of £250,000 mentioned in the previous release and therefore a total of £500,001 has been received, the Defendants are currently in default in the sum of £622,960.85.
As previously announced the Company will today issue statutory demands for the unpaid balance, as a measure to protect its and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.
END
Contact details:
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MetalNRG plc Rolf Gerritsen |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
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#MNRG MetalNRG PLC – Litigation Update
MetalNRG plc (“the Company”) announces that further to the High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants (together the “Defendants”), in its action for recission of certain contracts and restitution, the deadline for the Defendants to make payment to the Company in the sum of £1,122,961.85 (which includes interest awarded and interim costs recovery) was 4.00pm yesterday (26th October 2022) (the “Payment Deadline”).
The Company received a total of £250,001 before the Payment Deadline and were informed that further £250,000 had been remitted, although as at the current time the second payment has not actually been received, accordingly the Defendants are currently in default in the sum of £972,960.85.
Given that representatives of the Defendants made public statements that they were able to pay the judgement in full, additionally requesting and being granted an extra 14 days from the court to pay over the standard 14 day period, and that the Defendants are now in default of those judgements made by the High Court, the Company will today issue statutory demands for the unpaid balance, as a measure to protect it and its shareholders interests, and if such balance is not paid in full by the Defendants (with such additional interest as may accrue), will proceed to petition for the winding up of, or administrators appointed over, the Defendants on grounds of insolvency.
Contact details:
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MetalNRG plc Rolf Gerritsen |
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|
Corporate Broker |
+44 (0) 20 7469 0930 |
|
Corporate Broker |
+44 (0) 1483 413500 |
#MNRG MetalNRG PLC – Litigation Update
MetalNRG plc (“the Company”) announces that it has received High Court’s written judgements in the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants, in its action for recission of certain contracts and restitution referred to as the “April Transaction”. As previously announced, the Company was advised that the claims against the second defendant (Mr Rocco) required the Court to hear oral evidence, so were not suitable for summary judgment at this juncture.
Highlights:
* Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd has been granted.
* The Judge refused an application for leave to appeal made to her on the day by the Defendants
* The Judge dismissed the application for a stay of execution as being “without merit”.
Noting that representatives of the Defendants appear to have been posting on social media that they achieved some measure of favourable outcome at the hearing, we have set out below a summary of the Court’s findings and Orders as actually made and have extracted what we believe to be key points from the full written judgements delivered by the Court,
We have also made the full judgements available on the Company’s web site www.metalnrg.com under a special section entitled “Summary Judgement”. so that interested parties can draw their own conclusions. The Judge delivered a very detailed judgment on the case before her for summary judgement and also dealt with an additional application, made by all three defendants on the day of the hearing, for a stay of execution, pending the hearing of yet another claim made by Mr Rocco by way of a petition for unfair prejudice under section 994 of the Companies Act 2006.
Key Points from the Summary Judgement
The Judge (1) granted the Company’s application for summary judgement against BritEnergy Holdings LLP and BritNRG Ltd, the first and third defendants; (2) refused an application for leave to appeal made to her on the day; and (3) dismissed the application for a stay of execution as being “without merit”.
These judgements follow the Company’s successful defence of Mr Rocco’s claims in the Scottish Court which he is now appealing.
We understand that Mr Rocco and associates have publicly stated that BritEnergy Holdings LLP and BritNRG Ltd will appeal the latest judgements against them. We would suggest that this merely shows a refusal to accept the reality of the situation in which the first and third defendants now find themselves; namely that payment of the sum of £1,019,999 must now be made to the Company by 4pm on 26 October 2022 together with a further £65,000, by way of an interim costs award, and interest on the judgment sum at a rate of 2% over Bank of England Base rate from the 23 September 2021. Further costs will be assessed in the Company’s favour in due course (including the Company’s costs of dealing with the meritless stay application, which costs have been awarded on the indemnity basis – see below). Any appeal (should permission to appeal even be granted) will not (by itself) delay or curtail the requirement for these payments to be made.
We should stress that if full payment is not made in accordance with the Court Orders on the due date, MetalNRG will proceed immediately to take enforcement action.
We are equally dismissive of Mr Rocco and his associates’ public statements that BritEnergy Holdings LLP and BritNRG Ltd have an excellent case for an appeal. The Judge refused leave to appeal at the hearing and, in the event that BritEnergy Holdings LLP and BritNRG Ltd seek leave to appeal, they will have to deliver compelling written arguments to the Court of Appeal in seeking such leave to appeal. Given the clarity and comprehensive nature of the judgement of the Judge, we do not believe that an application to appeal stands, in the words of the Judge, “any reasonable chance of success”; it is merely, once again, indicative of an unwillingness to accept reality and part of a pattern of denial to accept responsibility.
In respect of the application made by all three defendants for a stay of execution, the Judge not only dismissed the application as being “without merit” but also ordered that BritEnergy Holdings LLP and BritNRG Ltd should pay MetalNRG’s costs of that application, such costs to be subject to detailed assessment on the indemnity basis if not agreed. Costs are generally only awarded on an “indemnity basis” if the judge feels that there is a feature of a party’s conduct which takes its actions ‘outside of the norm’ – which in this case was the hopelessness of the argument being run.
Whilst we have no desire to give any potentially biased slant to the judgements (the full judgements available on the Company’s web site www.metalnrg.com (under the general heading investors section and a special section entitled “Summary Judgement”), we note that representatives of the defendants have always asserted that they would easily prevail in this case and we accordingly consider that it is important to demonstrate that the claims made by MetalNRG were not considered by the Judge to be “purely technical” or “contrived”, as has been asserted by the defendants.
The following are extracts from the judgements:
“I would mention at this stage that originally, as part of their Defence, the Defendants contended that [section 190 of the Companies Act 2006] was not engaged because the April Transaction was not with a connected party. However, shortly before the hearing, the Defendants conceded that this point was not correct and did not pursue it. In my judgment, that concession was rightly made”.
“If I accepted the arguments of Mr Levey KC (Counsel for the Defendants), this would, in my judgment, drive a coach and horses through [section 190 of the Companies Act 2006] and defeat the legislative purpose of that provision. Mr Levey KC admitted that, if he were right and no approval by the shareholders was required under [section 190 of the Companies Act 2006], no such approval of the transaction would subsequently be required if ultimately the condition was satisfied. His concession must be correct, because pursuant to [section 190 of the Companies Act 2006] approval of an arrangement must take place at the inception of the arrangement”.
“In conclusion, I accept the submissions of the Claimant and find that the Defendants have no real prospect of establishing at trial that the SPA was not subject to requirements of [section 190 of the Companies Act 2006]. It is, therefore, unnecessary for me to consider Mr Dougherty’s (Counsel to MetalNRG) alternative argument, although had it been necessary to do so, for the reasons set out above and also for reasons similar to those relating to the Company Option, I would have found that the SPA created a right over the Sale Shares.”
“The application for a stay is refused. In brief, my reasons are as follows: although this application is made by all three Defendants, the reality is that it is an application by the Second Defendant (Rocco), against whom no judgment has been entered in these proceedings, in order to protect the remedies that he seeks in the [Petition brought under section 994 of the Companies Act 2006], to which neither the First nor Third Defendant (BritEnergy LLP and BritNRG Ltd) are a party. In my judgment, this is not the right forum to make an application, which effectively seeks to prevent the Claimant from enforcing its judgment against the First and Third Defendants.”
“I am concerned about the purpose of the application for a stay. The purpose of the [Petition brought under section 994 of the Companies Act 2006] is to protect the Second Defendant’s (Rocco’s) interest as a member of the Claimant. However, it would appear that what the Second Defendant [Mr Rocco] is seeking to do by relying on his [Petition brought under section 994 of the Companies Act 2006] in this application to stay the Judgment is to confer an indirect and collateral benefit on the First and Third Defendants who are not members of the Company and, as already stated, are not parties to the [Petition brought under section 994 of the Companies Act 2006]. It is difficult to see how it is in the interests of the Claimant, and, therefore, in the interests of the Second Defendant as a member of the Claimant, for there to be a stay of the Judgment. No evidence has been adduced before me to show that the Claimant’s interests would be advanced if the rescission of the April Transaction were to be reversed. On the evidence before me, the only interests that would be served if I were to order a stay (which, in any event, could only be a stay on the rescission order and not on any liability to account) would be those of the First and Third Defendants”.
Rolf Gerritsen commented:
“MNRG successfully obtained dismissal of Mr Rocco’s claims in Scotland and we have now obtained the summary judgement in the High Court which we sought; summary judgement is only granted in cases where there is no real prospect of a case being defended at trial.
We have also obtained dismissal of the attempts by all three defendants to secure additional delays to avoid repayment of funds that would never have been paid to them had the full facts been known at the time.
The Board sees the appeals and threats to appeal as merely being a tactic to delay the inevitable need to account to MetalNRG, in full, in respect of a transaction that was not lawful. Despite their best efforts the defendants must now repay the funds to MetalNRG by 4pm on 26 October 2022, together with interest and an interim costs award.
If payment is not received, we are already prepared to take immediate enforcement action to give effect to the orders made by the High Court.
We hope that the Company can now focus on building its core business and that this distracting sideshow will finally be at an end for all involved.“
END
Contact details:
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MetalNRG plc Rolf Gerritsen |
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Corporate Broker |
+44 (0) 20 7469 0930 |
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Corporate Broker |
+44 (0) 1483 413500 |
Alan Green discusses what the new PM needs to do with energy bills plus #AAF Airtel Africa, #WOSG Watches of Switzerland & #POW Power Metal Resources
Alan Green discusses what the new PM needs to do with energy bills plus #AAF Airtel Africa, #WOSG Watches of Switzerland & #POW Power Metal Resources
Listen to the podcast here
Alan Green discusses #RBG Revolution Bars, #POW Power Metal Resources & #ECHO Echo Energy on the Vox Market Podcast
Alan Green discusses #RBG Revolution Bars, #POW Power Metal Resources & #ECHO Echo Energy on the Vox Market Podcast
Listen to the podcast here
#ECHO Echo Energy – Total Voting Rights
Echo Energy, the Latin American focused full cycle energy company announces, in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the following information as at 31 January 2022:
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Class of share |
Total number of shares |
Number of voting rights per share |
Total number of voting rights per class of share
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Ordinary shares of 0.25p each (“Ordinary Shares”)
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1,452,491,345
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1 |
1,452,491,345
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No Ordinary Shares are held in treasury.
The above figure for total number of Ordinary Shares may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
#ECHO Echo Energy – Directorate Changes
Echo Energy, the Latin American focused full cycle energy company, is pleased to announce the appointment of Christian Yates as an independent non-executive director, with effect from 17 January 2022.
Christian is Chairman of Gresham House Renewable Energy VCT 2 plc, one of two listed investment companies he co-founded in 2010. He has been investing in, advising on and promoting investments in renewable energy since 2009.
Following eight years in the British Army, Christian began his career in fund management in 1988. He has worked for several investment houses holding senior positions at Bear Stearns Asset Management where he was CEO International, Julius Baer Investments as CEO London, Chase Asset Management as MD EMEA and Lazard Asset Management.
Since 2012, Christian has combined being an entrepreneur and consultant with being a non-executive director, with significant experience across sectors including renewable energy (including wind, waste to energy and BESS), real estate, hospitality, fund management and wealth management where until October 2020 he was Chairman of the Bowmore Wealth Group.
The Company also announces that Gavin Graham, a non-executive director of the Company, will be stepping down as a director of the Company concurrently with Christian’s appointment in order to maintain a fit for purpose board composition and size.
James Parsons, Non-executive Chairman, commented:
“I am delighted to welcome Christian to the Board. His deep background across the renewable energy space is a critical enabler for our energy transition in Latin America and will add a vital and relevant dimension to our thinking. We will benefit hugely from Christian’s wealth of experience throughout the energy arena and I look forward to working with him.
I am also extremely grateful to Gavin for his support at Echo over the years, his contributions to our board discussions and I wish him all the best for his future endeavours.”
The directorships and partnerships currently held by Christian Yates and over the five years preceding the date of appointment are as follows:
| Mr Christian James Kurt Yates , aged 59
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| Current directorships/partnerships | Previous directorships/partnerships |
| Aura Sustainable Capital Investments Ltd
Away Birmingham Limited Away Cheltenham Limited Away Holdings Limited Away Storage Limited Away Storage Liverpool Limited CJK & RA Yates LLP Gresham House Renewable Energy VCT 2 plc New Radiation (2008) LLP Remount T/A Future for Heroes Ltd Weirs Drove Development Limited
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127 Piccadilly Plc
Aura Renewables Infrastructure Trust plc Bowmore Asset Management Limited Bowmore Financial Planning Limited Bowmore Wealth Group Limited Canvenue Limited Cherif Barnes Developments Limited Cherif Hampton Row Holdco Ltd Cherif Investment Properties Ltd Hampton Row (Barnes) Management Limited Managed Storage Services (1) Ltd W4B (UK) Limited
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Mr Yates was appointed as a director of W4B Bristol Limited on 27 April 2009. Liquidators were appointed to W4B Bristol Limited on 17 March 2015 and that company was dissolved on 12 April 2016. Unsecured creditors were paid a first and final dividend totalling £30,350, equating to 19.96 pence per GBP on unsecured claims of £152,048.
Christian Yates does not hold any ordinary shares in the Company and there are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.
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#ECHO Echo Energy – Production Update, Acquisition and Issue of Equity
Echo Energy, the Latin American focused upstream energy company, is pleased to provide a Q4 2021 production update regarding its Santa Cruz Sur assets, onshore Argentina.
In addition, further to Echo’s long stated intention to leverage its commercial and technical capabilities across the wider energy spectrum, including solar, the Company is pleased to announce its entry into the Chilean solar energy market with the entry of an option agreement to purchase a 70% interest in a 3MW solar project in Chile (the “Option”) and the forming of a partnership with Chilean company, Land & Sea SpA (“LAS”), a highly experienced developer of solar projects in Chile, to fund, construct and operate the project.
Q4 2021 Argentinian Production Update
During Q4 2021 daily operations in the field at Santa Cruz Sur continued with the delivery of produced gas and liquids to key industrial customers and total 2021 cumulative production from Santa Cruz Sur net to Echo’s 70% interest reached an aggregate of 567,370 boe (including 2,920 MMscf of gas).
During Q4 2021, net liquids production averaged 240 bopd whilst net gas production averaged 7.0 MMscf/d. These production levels have been achieved despite a province-wide strike that temporarily reduced production levels over a six-day period in mid-December. Production for the first eight days of 2022 has been strong, with liquids production net to Echo averaging 262 bopd and net gas production averaging 8.3 MMscf/d.
As previously announced, the successful implementation of the Company’s strategy with the commercial focus on high-quality blends at Santa Cruz Sur, has continued to lead to an increased frequency of liquids sales throughout Q4 2021. Total liquids sales net to Echo over Q4 2021 reached 25,881 bbls which is an increase of 71% over the previous quarter (Q3 2021: 15,050 bbls).
Entry into Chilean Solar Market – Highlights
· Option in relation to the 3 MW Vincente Méndez solar project (the “Project”) and Joint Venture with LAS, a highly experienced developer of solar projects in Chile
· On exercise of the Option, Echo will loan 100% of capex to construct the Project in return for a 70% indirect equity interest in the Zorro Solar SpA holding the rights to the Project (the “Project SPV”) with the remaining 30% interest in the Project SPA held by LAS
· Entry into the Project requires no upfront acquisition payment and instead provides Echo with access to attractive ‘ground floor terms’
· LAS will manage the Project locally, without a management fee, whilst Echo will maintain its 70% controlling interest in the Project SPV
· Following construction and on the sale of the Project, the construction loan provided will be repaid to Echo at 4% interest, with remaining sale proceeds split 70% Echo and 30% LAS, after reimbursement of US$100,000 of historical LAS costs
· If the option is exercised by Echo, gross construction capex for the Project is currently estimated at US$2.6 million and Echo will control the timing of expenditure
Under the Option agreement, the Company has the right to acquire a 70% interest in the Project, subject to certain conditions including the provision by the Company of the funding described below, with the intention to form a Joint Venture to construct and operate the Project. The Option is exercisable by the Company, in its sole discretion, at any time during the period up to 4 weeks from the date on which sufficient documentation has been provided to the Company required to enable a Final Investment Decision (“FID”). Echo’s current intention is to exercise the Option providing final documentation, including supplier and service contracts, is provided confirming the attractiveness of potential Project returns and the availability of non-recourse or project finance funds sufficient to meet Echo’s potential capex obligations. Further announcements will be made by the Company in this regard as appropriate.
By diversifying its asset portfolio via the entry of the Option, Echo will be well placed to capitalise on a new business segment that has the potential to provide low risk, stable cash flows, and attractive risk weighted returns that can support future investments in the base business in Santa Cruz Sur, whilst capitalising on complementary skills sets and geographic focus. Furthermore, Chile is a country with world class renewable energy resources; an established renewable energy industry and fiscal regime; excellent infrastructure; and ambitious energy transition targets.
Following careful analysis of multiple renewable energy projects, the Echo Board believe the Option to acquire an interest in the Project provides an important and exciting opportunity in the continued growth of the Company.
The Vincente Méndez Solar Project
The Vincente Méndez solar project is located 4 km from Chillan, a city of around two hundred thousand people, in central Chile, less than 0.2 km from the grid connection point and near to trunkline electricity and transport infrastructure to the capital Santiago. In this area, where solar radiation levels are similar to Mediterranean Europe, 3 MW capacity is expected to produce around 5,800 MWh/year, which is approximately double the average output of a UK solar plant of the same size.
Importantly, the Project will be part of the Chilean PMGD Scheme (Pequeños Medios de Generación Distribuida) which provides access to a favourable and stabilised long-term price regime and a fast- tracked approval process. These aspects make the project low risk to the Company in the construction phase and attractive to potential future purchasers / investors once operational.
Following any FID and successful commercial negotiation of construction contracts, total gross capex for the Project is currently anticipated to be approximately US$2.6 million. Subject to FID, construction is expected to begin in Q2 2022 and to complete in Q3 2023.
Whilst Echo will maintain a controlling equity interest in the Project SPV, on the ground, the Project will be led by LAS, who have demonstrated their expertise by managing solar projects through construction to operation, most recently, a similar 3 MW solar plant with another international partner. The Company’s partnership with LAS also provides access to LAS’ pipeline of similar solar projects already in the planning stage, which can be used by the Company to scale up the renewables business. The Company expects to be able to secure project finance to fund this project in due course.
Terms of the Option agreement
The transaction has been structured to ensure that the project is low risk to the Company, whilst providing exposure to the potential upside associated with the interest, with no capital risk prior to FID. LAS are responsible for any remaining costs prior to the exercise of the Option and FID and the timing of FID is controlled by the Company.
Following a FID, when the Project cost has been accurately defined with contracts, the Company will fund 100% of the Project capex in the form of a loan to the Project SPV. In the event of any future sale of the Project post-construction, the proceeds would be utilised to cover the 4% per annum interest on the loan, the loan principal and a US$100k historical cost reimbursement to LAS. The remaining net proceeds would then be distributed according to the partner’s working interests.
If following construction, the attractiveness of pricing in the wholesale power markets is such that the JV believes it would be preferable to retain the project and sell electricity into the grid, the cash flows generated from electricity sales will be used to satisfy the historical cost repayment obligations in the same way. As at 31 December 2021 the Project SPV had estimated net assets of approximately US$100,000.
Key Project milestones
Currently the Project is approaching Ready-To-Build (“RTB”) status, with LAS securing permits with relevant authorities and finalising the Engineering, Procurement & Construction (“EPC”) contract and the provision of solar panels. Following successful FID, it is expected that the Project would begin construction around Q2 2022. The completion of construction and commencement of commercial operations, when electricity is supplied to the grid, is currently anticipated around Q3 2023.
Echo Energy post transaction
This transaction is the next step towards becoming a full spectrum energy company leveraging the Company’s Latin America strategic focus and strong relationships. The Company’s base business in the Santa Cruz Sur assets in Argentina remains robust and a vital component of the ongoing business. In combination this transaction provides the Company with the ability, on exercise of the option, to better diversify the Company’s portfolio, across commodity type and country risk, yet is still positioned to take advantage of strengthening oil and gas prices and production enhancement opportunities. Going forward the Company is well positioned to grow its renewables business and provide stable cash flows to further support investment activities in Santa Cruz Sur.
The Company continues to evaluate other opportunities in the renewable energy space in Latin America with its local partners, alongside its existing investment programme including the ongoing well workover programme in its Santa Cruz Sur portfolio. This innovative, low risk structure transaction is indicative of how the Company will aim to bring further assets into the Company at a low upfront cost to shareholders.
Issue of equity and warrants
The Company announces that it has raised gross proceeds of £660,000 through the issue of 143,478,260 new ordinary shares in the Company (the “Subscription Shares”) at 0.46 pence per share (the “Subscription Price”) to new investors pursuant to a direct subscription with the Company (the “Subscription”), conditional on admission of the Subscription Shares to trading on AIM.
In connection with the Subscription, the Company has issued 65,217,391 warrants to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share at any time until the second anniversary of issue (the “First Subscription Warrants”) subject to admission of the Subscription Shares to trading on AIM.
In addition, the Company has also conditionally agreed to issue a further 78,260,869 warrants to subscribe for new Ordinary Shares exercisable at 0.65 pence per new Ordinary Share at any time until the second anniversary of issue (the “Second Subscription Warrants”) subject to the receipt of the necessary share issuance authorities at the Company’s 2022 annual general meeting.
The Subscription Shares will, when issued, rank pari passu in all respects with the Company’s existing ordinary shares of 0.25 pence each (“Ordinary Shares”) and application will be made for the Subscription Shares to be admitted to trading on AIM (“Admission”). Admission is expected to take place on or around 8.00 a.m. on 24 January 2022.
The net proceeds of the Subscription of approximately £600,000 will add to the Company’s working capital resources and be applied towards the formation of the solar project Joint Venture to construct and operate the Project. As at 30 December 2021 the Company’s unaudited cash balance, excluding Echo’s 70% entitlement to cash balances held by the Santa Cruz Sur joint venture in Argentina, was approximately US$520,000.
Following Admission, the Company’s issued share capital will comprise 1,452,491,345 Ordinary Shares. Each Ordinary Share has one voting right and no shares are held in treasury and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Martin Hull, Chief Executive Officer of Echo Energy, commented:
“I am very pleased to be able to announce our first steps into the solar energy space via the entry of the partnership with LAS and this option agreement. The resultant JV represents what we hope will be the start of a long and fruitful relationship with LAS. This agreement is another example of Echo leveraging its in-house transactional capabilities to bring exciting and potentially highly value accretive assets into the business while at the same time minimising upfront cost to its shareholders.
Our Santa Cruz Sur assets provide Echo with a very robust base business, highlighted by the strong production numbers at the start of this year, and a strong foundation on which to add a new business segment. Chile is a sweet spot for renewable energy in Latin America, and our entry to the region diversifies our geographic footprint whilst providing near term catalysts as we progress the new project.
Our focus remains on balancing risk and reward in the most efficient way possible for our shareholders – as we broaden the range of our energy investment opportunities, we will be able to identify the best paths to value creation across both hydrocarbons and renewables, whilst also positioning the business for the energy transition.“
For further information, please contact:
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Echo Energy Martin Hull, Chief Executive Officer
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via Vigo Communications |
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Vigo Consulting (IR & PR Advisor) Patrick d’Ancona Chris McMahon
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+44 (0) 20 7390 0230 |
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Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
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+44 (0) 20 7397 8900 |
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Shore Capital (Corporate Broker) Anita Ghanekar
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+44 (0) 20 7408 4090 |
#ECHO Echo Energy – Operational Update
Echo Energy, the Latin American focused energy company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q4 2021 to 30 November 2021.
Daily operations across the asset base in Santa Cruz Sur and the delivery of produced gas to industrial customers under contract have continued uninterrupted during the first two months of Q4 2021. Production over the period from 1 January 2021 to 30 November 2021 reached an aggregate of 523,735 boe net to Echo, including 74,605 bbls of oil and condensate and 2,695 mmscf of gas.
As a result of the completion of capacity increasing infrastructure works, gas production in November 2021 averaged 7.1 MMscf/d net to Echo, an increase over the 6.7 MMscf/d net production rate during the previous month.
Net liquids production in the first two months of Q4 2021 averaged 255 bopd, and is an increase of 31% over Q1 2021 levels prior to the commencement of production optimisation and the bringing of shut in wells back on line. The benefit of both infrastructure maintenance and the previously announced commercial focus on high-quality blends at Santa Cruz Sur has also led to an increased frequency of oil sales during Q4 2021 to date, with total liquids sales net to Echo in quarter four to date of 16,855 bbls (Q3 2021 total of: 15,050 bbls). This increase in liquids production has helped to offset the expected natural decline in gas production over the year.
The Company looks forward to updating shareholders on production levels on a quarterly basis going forward.
For further information, please contact:
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Echo Energy Martin Hull, Chief Executive Officer
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via Vigo Communications |
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Vigo Consulting (IR & PR Advisor) Patrick d’Ancona Chris McMahon
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+44 (0) 20 7390 0230 |
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Cenkos Securities (Nominated Adviser) Ben Jeynes Katy Birkin
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+44 (0) 20 7397 8900 |
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Shore Capital (Corporate Broker)
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+44 (0) 20 7408 4090 |
MetalNRG #MRNG – Italian Waste to Energy Plant Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, is pleased to provide an update on progress being made on the recommissioning of EQTEC Italia MDC waste-to-energy plant.
MetalNRG is part of a consortium of co-investors, led by EQTEC plc (AIM: EQT) (“EQTEC”), which recently formalised the intention to recommission the 1 MW biomass-to-energy plant in Tuscany, Italy.
The facility, originally commissioned in 2015, is built around EQTEC Advanced Gasification Technology and when operational, Italia MDC will transform straw and forestry wood waste sustainably sourced from local farms and forests into green electricity and heat for the local community.
EQTEC recently stated that recommissioning of the project is continuing on track, with recent developments including that:
· the EQTEC technical team has been on site, completing engineering surveys, as well as meeting EPC partners and local stakeholders;
· the site has been fully cleaned;
· disassembly of relevant components was completed earlier this month; and
· EQTEC Advanced Gasification Technology and associated technology items, including the syngas filter, water treatment unit, heat exchanges and thermal cracker reactor burner, have now been ordered and deliveries are due to start arriving in late November.
We announced to the market at the financial close of this transaction that we expected the plant to be fully recommissioned by Q2 2022. We are confident, at this stage of proceedings, that this announced time-line will be maintained. We expect to provide another update on progress to the market in early 2022.
A series of pictures can be viewed on the Company’s web site, www.metalnrg.com .
The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.
END
Contact details:
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MetalNRG PLC Rolf Gerritsen |
+44 (0) 20 7796 9060 |
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Corporate Adviser |
+44 (0) 20 7469 0930 |
|
Corporate Broker |
+44 (0) 1483 413500 |